Shibarium, Shiba Inu’s (SHIB) layer-2 scaling solution, is making impressive strides towards a significant milestone, showcasing a promising trend amidst recent fluctuations. This progress is particularly noteworthy considering Shibarium’s recent decline of over 80% in important metrics.
After a year of operation, data from Shibariumscan reveals that Shibarium has reached a total of 6,377,906 blocks. This achievement positions Shibarium on the brink of reaching the crucial 6.5 million mark, signaling a significant milestone for this layer-2 solution. Additionally, the network has witnessed a surge in total transactions, now standing at 418,079,698, along with 1,812,355 wallet addresses.
Recent developments have further enhanced Shibarium’s ecosystem. The introduction of a burn portal for excess SHIB tokens, pending accumulation of sufficient BONE tokens, offers users a mechanism to reduce SHIB tokens in circulation. This process involves swapping BONE tokens with SHIB tokens on the Ethereum network, ultimately decreasing the circulating supply of SHIB.
Moreover, Shibarium has launched on-ramp features with Visa and Mastercard for BONE tokens, demonstrating a commitment to expanding BONE’s utility across a diverse user base.
Despite the positive advancements, there has been a decrease in the number of blocks on Shibarium. Recent data indicates a drop in new blocks produced on the network, alongside a decline in new transactions, reflecting a decrease in activity. However, the trading volume of SHIB on CoinMarketCap paints a contrasting picture, suggesting ongoing interest in the SHIB token.
As Shibarium continues to progress towards new milestones and expand its ecosystem, monitoring these developments can provide valuable insights for investors and enthusiasts in the crypto and NFT space.
